What's the Value of My La Jolla Home?
La Jolla Home Sales for August 2021
As a La Jolla buyer or seller, having up-to-date local market information about La Jolla homes for sale is essential in order to make informed decisions about selling and/or buying your La Jolla home.
La Jolla is a beautiful seaside community with abundant homes offering amazing views of the ocean from the hills or shoreline, along with a trendy, up-scale village offering the best in shopping, dining and services. La Jolla has been compared to the French and Italian Rivieras with impressive ocean and coastline vistas, spectacular homes, beautiful architecture, and an appealing year-round climate, attracting visitors, and buyers, from around the world.
There were 83 homes sold in the La Jolla real estate market August 2021, 12% more sales than last month. Here’s a summary of the real estate activity (these MLS summary data do not include private sales, and are believed to be accurate at the time this report was compiled but are not guaranteed).
Single Family Homes Sold
38 (19% more); 34 Average Days on Market; Average Sales Price $3,226,924 (down 3%); Average sales price was 101% of original asking price.
Condos, Townhomes & Duplexes Sold
45 (up by 3); 17 Average Days on Market; Average Sales Price $862,618 (down 8%); Average sales price was 101% of original asking price
The overall volume of sales in the La Jolla real estate market rose fairly substantially in August, due to a big increase in single family home sales, but also accompanied by a slight increase in condo, townhome and duplex sales. Sales prices ranged from $390,000 to $7,500,000.
Average marketing time was longer for single family homes (a little over 1 month), but slightly shorter for condos, townhomes and duplexes than last month. At the same time, however, almost half of the homes, 47%, went pending in 7 days or less. If you are planning to buy a La Jolla home you should be ready to make a decision quickly – for seeing homes that appeal to you and for making an offer.
The average sales price for single family homes was slightly lower than last month (despite the sale of 5 homes over $6M), and was modestly lower for condos, townhomes and duplexes.
While a little over 1/3 of La Jolla buyers were able to negotiate the original list price, about 2/3 (63%) chose to pay asking price or more for their new homes, a good indicator of the competition among La Jolla buyers.
The median sales price of the single family homes, $2,675,000, was 3% higher than last month, but was 9% lower, at $766,000, for condos, townhomes and duplexes.
There were 2 La Jolla homes with an Active Under Contract status at the end of August, compared to 1 last month (when they occur these homes are considered active, but may not actually be accepting more offers or be available to tour).
There were 119 La Jolla homes on the market at the end of August, ranging in price from $479,000 to $28,000,000, up by 4 from last month.
The current inventory in La Jolla is 2.1 months for single family homes (the same as the last 2 months), and only 23 days for attached (down from 25 day last month), based on the rate of sales for the last 3 months. The La Jolla real estate market is a very strong sellers’ market for single family homes, and even more competitive for buyers of condos, townhomes and duplexes.
There were 82 new listings in August compared to 99 last month, an average of almost 3 new listings hitting the market every day. 64 homes went pending (excluding those homes that closed escrow), 8 fewer than last month. But it was still a busy month for buyers and sellers!
If you would like more detailed information about the La Jolla real estate market, or about specific residential areas and local market conditions (the Village, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please reach out to me at (760) 840-1360. I’m happy to also discuss your specific housing needs and the purchase of a La Jolla home in 2021, and also help you create an effective strategy to sell your current home if that’s your plan.